The company listed both assets and debt of $100 million to $500 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Manhattan.
The 566-foot building was co-developed by Esplanade Capital with 122 condominium units that reflect sunsets and look down on Midtown Manhattan, according to a 2007 Real Estate Weekly article. The building represented a return to high-rises that fell from favor in the 1980s, according to a New York Times article on Esplanade’s website.
“The sliver building is making a comeback,” writer Josh Barbanel said in the article.
Jay Eisenstadt, president of Esplanade, declined to comment today on the bankruptcy.
The building was designed by Ismael Leyva Architects, which also designed One Central Park Condominiums at Time Warner Center and whose other Manhattan projects include the Jasper, a boutique loft building in Murray Hill, and 60 Spring Street, a condominium building in Soho, according to the firm’s Web site.
The building joins other luxury New York buildings that have filed for bankruptcy over the past 2 1/2 years, the 34- story Lipstick Building on Third Avenue between 53rd and 54th streets, and a 12-story condominium development owned by Water Street Realty Group LLC.
Lawyers for the debtor said they would re-file the papers after listing the wrong Manhattan address in the voluntary petition.
“It’s 785 Eighth Avenue,” attorney Andrew K. Glenn of Kasowitz, Benson, Torres & Friedman LLP said in an e-mailed message. “A correction will be filed shortly.”
The case is In re 785 Partners LLC, 11-13702, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
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